NEW YORK, Sept. 5, 2019 /PRNewswire/ -- OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced that TyMac Electric of Plano, Texas is its Small Business of the Month for August, 2019. The 30-person company serves the Dallas-Fort Worth area with high-quality, professionally managed electrical services.
TyMac Electric provides commercial electric services, primarily in high rise buildings, and works with architects and engineers to secure new business. Owner Ty McCaslin says fast, flexible access to financing from OnDeck® was important to his company's ability to keep up with new business opportunities in the fast-growing Dallas commercial real estate market. The company received its first line of credit from OnDeck in 2017.
"Our customers typically have tight deadlines, so securing the financing we need on short notice is crucial to winning new business," said Mr. McCaslin. "Obtaining a line of credit from OnDeck was fast and easy and allowed us to maintain focus on our clients and their requirements, rather than spending time on obtaining financing offline."
Over the last two years, OnDeck has provided additional financing to TyMac Electric as the business grew to meet demand in the Dallas-Fort Worth commercial marketplace. The area is renowned as a national leader in delivered office space, new construction, and corporate migrations.
"Our clients love seeing one of our projects come to fruition," said Mr. McCaslin. "When you complete a multi-million dollar lighting job, it is amazing to see the transition of a commercial building from empty to powered up and shining brightly. We plan to continue fulfilling that mission for commercial clients throughout the Dallas-Fort Worth area in the future."
"OnDeck is committed to offering timely financing options to small business owners like Ty at critical points in their business cycle," said Andrea Gellert, Chief Revenue Officer, OnDeck. "Since our inception, OnDeck has provided more than $300 million in financing to electrical and wiring installation contractors. We are proud to be an important financial partner for this critical industry and all of us at OnDeck congratulate TyMac Electric on its success."
Overall, OnDeck has provided more than $879 million in financing online to small business owners in the State of Texas.
The Small Business Spotlight series from OnDeck is designed to highlight and reinforce the vital importance of small businesses. Every month, OnDeck spotlights the achievements of its small business customers and how they are thriving as a result of receiving capital from OnDeck. To learn more about Ty McCaslin's small business journey, visit: www.ondeck.com/smallbusinessspotlight
About OnDeck OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $12 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
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